Wednesday, January 09, 2013

K82 million spent on Ok Tedi projects

More than K82 million has to date been spent on community mine continuation agreement (CMCA) trust investment projects to date, according to Ok Tedi Development Foundation (OTDF) chief executive officer Ian Middleton.
He revealed these figures at the launching of mv Fly Warrior at Sturt Island in South Fly and Obo in Middle Fly at the weekend.
mv Fly Warrior, CMCA’s latest investment at a cost of K19 million, powers up the Fly River last Saturday.-Picture by MALUM NALU

The money has been spent on three vessels, two Twin Otter aircraft, and a new housing estate and OTDF office complex in Kiunga.
“The actual amount of money spent is K82, 775, 168.68, which not only includes the three vessels and the two Twin Otter aeroplanes, but also a new housing estate and the OTDF office complex both in Kiunga,” Middleton said.
“These investments will generate an 8% return per annum on each investment.
“These investments are all in the Western province and therefore visible to the communities that are here.”
The investments are:
·        Two Series 400 Twin Otters (K34, 708, 548.32);
·        Fly Hope (K6, 898, 442.71);
·        Fly Explorer (K5, 941, 842.68);
·        Fly Warrior (K18, 678, 496);
·        Kiunga office complex (K8 million); and
·        Kiunga housing estate (K8, 547, 838.97).
Approval of these trust investments is made following approval by the CMCA advisory committee, which is made up of 18 community nominated leaders from the 156 villages in the eight trust regions and mine villages; and the OTDF board which includes the four associate directors.
Middleton said the CMCA trust investment projects derived income from Western province people’s dividend trust fund (WPPDTF), PNG Sustainable Development Program (K21.5 million each year), and direct contribution by Ok Tedi Mining Ltd (OTML).
He said relationships with the Fly River provincial government headed by Governor Ati Wobiro had generally been very good.
“The relationship with the provincial government is excellent,” Middleton said.

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